SNAK Venture Partners has announced the successful closing of its oversubscribed $50 million debut fund. The investment firm Pritzker Group, founded by Illinois governor JB Pritzker and his brother Tony, served as the anchor investor.
SNAK founders Sonia Nagar and Adam Koopersmith previously worked at Pritzker Group, where they played a key role in investments for companies such as the auto marketplace Backlot Cars and TicketsNow (which was later acquired by Ticketmaster). The duo decided to establish their own firm earlier this year, with a focus on backing digital marketplaces.
Nagar indicated that the timing felt appropriate, and the firm received internal support to pursue this venture.
The firm’s vision highlights the extensive opportunities remaining for digitization across various sectors, including supply chain and construction. This period is considered opportune because even traditionally resistant industries are increasingly comfortable adopting new technology, driven by advancements in fintech architecture.
Nagar pointed out that major venture successes over the last decade, such as Uber, Instacart, and Airbnb, represent some of the top outcomes in venture capital. These companies raised billions from investors, went public, and generated substantial returns.
She further explained that most of these successes occurred in consumer-facing markets, which tend to evolve more rapidly than large enterprises. The firm identifies significant untapped potential in B2B marketplaces, specifically targeting categories that have not yet undergone digitization.
SNAK Venture Partners has already invested in six companies, including Big Rentals, focused on equipment rental, and Repackify, which handles packaging logistics. Nagar stated that the firm aims to issue seed checks of $1 million to $2 million to at least 20 companies, with plans to deploy the entire fund within the next three to four years.
Despite the challenges many new funds face in raising capital, Nagar mentioned that her and Koopersmith’s prior experience proved valuable in attracting Limited Partners (LPs).
Nagar’s background includes launching Amazon apparel in 2009 and serving as head of mobile at RetailMeNot. Koopersmith spent 20 years at Pritzker Group and holds board positions at various marketplace companies. Nagar acknowledged that Pritzker’s backing was crucial for raising this fund, especially given the previous year’s market conditions.
Other LPs in the fund include the State of Illinois Growth and Innovation Fund and executives from other marketplace companies, such as Favor Delivery and RetailMeNot.
Nagar stated that the firm maintains a location-agnostic approach, recognizing that emerging marketplaces may not be found exclusively in Silicon Valley and New York City. She noted that the firm seeks out overlooked founders in regions where other funds might not be focusing.
SNAK is based in Chicago, a location that some LPs have questioned. Nagar views this as an advantage, stating that it allows for rapid access to a wide range of opportunities.
